NEXT has snapped up an iconic fashion brand after it disappeared from the high street.
The fashion giant has agreed to buy fashion and homeware brand Cath Kidston, known for its kitsch floral designs.
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Next told shareholders it will buy the brand name, domain names and intellectual property for the business for £8.5 million.
There will be a stock clearance on the website until it is relaunched under its new ownership.
Cath Kidston collapsed into administration in April 2020 with the closure of 60 UK stores and the loss of 908 jobs but is still trading online and across four UK stores.
The brand was set up by designer Cath Kidston in 1993 and had more than 200 outlets around the world at its peak.
After initially being privately owned, Cath Kidston was sold to a private equity firm in 2010 in a deal reported to be worth £100million at the time.
Baring Private Equity became a substantial shareholders in 2014 and then went on to take control in 2016.
The brand, e-commerce and wholesale parts of the businesses were bought from administrators by Baring Private Equity Asia in 2020, before Hilco snapped it up earlier this year.
The firm has also previously rescued Homebase, HMV, Oasis and Warehouse from administration.
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Next has been known to save failing companies from administration.
In November last year, it bought furniture store Made.com.
Made, which employed around 600 people, sold its brand, website and intellectual property to the clothing and homewares retailer.
Next started selling Gap clothing online in late 2021, after it took over the running of the high street brand.
It started selling Gap clothing in stores in early 2022.
It also agreed a sale to buy struggling lingerie brand Victoria’s Secret in a move that saved its UK shops and website.
And earlier this year, it took a stake in baby and maternity clothing retailer JoJo Maman Bebe.
Next reported profits of £401m for the six months ending July 2022, up 16% compared to the same period in 2021.
And for the year to January 2023, it now sees pre-tax profits coming in at £860 million, a £20 million upgrade on previous guidance and representing robust year-on-year growth of 4.5%
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